February 27, 2009 at 14:55 PM EST
GE commits $150M for stake in Oil, Gas venture
General Electric's Energy Financial Services unit signed a deal to invest $150 million to partner with ATP Oil & Gas Corp. to operate a floating oil and gas production unit in the deep waters of the Gulf of Mexico.
(IBTimes) -- 02/27/2009 --

General Electric's Energy Financial Services unit signed a deal to invest $150 million to partner with ATP Oil & Gas Corp. to operate a floating oil and gas production unit in the deep waters of the Gulf of Mexico.

The deal is GE's first investment in a floating oil and gas production facility, the company said. The industrial giant will invest $150 million to own a 49 percent limited partnership stake and the Houston-based ATP Oil & Gas Co will hold the remaining 51 percent, GE announced Friday.

"Our partnership with GE Energy Financial Services, especially in today's troubled economic times, will ensure continued production of much-needed domestic oil and natural gas, and will allow ATP to maintain our development program," said T. Paul Bulmahn, Chairman and CEO of ATP in a statement.

General Electric, the biggest maker of wind turbines in the U.S., has also invested in 16 green technology companies over the past two and a half years in the amounts of $150 million, Steve Fludder, Vice President, of GE's Ecomagination unit told at the Cleantech Forum this week, according to earth2tech.com.

The company has an eco-friendly unit called Ecomagination dedicated to developing "green energy." In 2007 GE invested $1.1 billion in cleaner technology research and development, the unit reports on its website.

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